Total Interest Payable
Total Payment (Principle + Interest)
Your EMI will be per month
Term loans are credits that come with a fixed loan amount, a tenor of repayment and a repayment schedule. A term loan calculator is an online tool that allows the borrower to compute monthly instalments to repay the loan availed. It helps determine the EMIs a borrower needs to pay throughout the repayment schedule.
A term loan EMI calculator also helps borrowers compute the total amount payable by the term’s end along with total interest payable. Its use allows borrowers to estimate the EMI amount they are required to pay every month, thus helping in proper financial planning.
Also known as a term loan interest calculator, it uses a mathematical formula to compute EMI, interest and total amount payable.
The formula used is –
E = P x r x (1 + r) ^ n / [(1 + r) ^ n - 1]
Once the principal, rate of interest and tenor are entered, it displays three results –
Input the loan amount to be availed
Choose a loan tenor
Enter the rate of interest applicable
Once these data are put in, the calculator will display the results in the form of EMIs.
A term loan calculator is a useful financial tool available for comparison among various loan options or loan terms. Make your comparison as per the applicable term loan interest rates for different financial institutions to choose the best option. Also, try different tenor options to come find the most beneficial balance between EMIs and the total cost of loan.
Additional Read: What is Term Loan?
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